Utmost sees 22% growth in AUM to £36.7bn
By Michael Klimes 28
th May 2021 8:01 am
Specialist life assurance provider Utmost Group saw assets under administration (AUA) grow to £36.7bn over 2020.
This was driven by the completion of the Equitable Life business transfer early last year that added £6bn to AUA according to annual results published today.
The results up to 31 December 2020 demonstrate how the company has weathered the pandemic.
Value of new business was £30m last year, an increase of 7% compared to 2019 of £28m.
Utmost Group’s principal businesses are Utmost International and Utmost Life and Pensions, which together are responsible for around £37bn of primarily unit-linked policyholder assets for c. 510,000 customers.
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Share buyback programme update In connection with the capital return of up to £375 million announced on 2 January 2020, Quilter plc ( the Company ) initiated a share buyback programme ( the Programme ) on 11 March 2020 to purchase shares with a value of up to £375 million in order to reduce the share capital of the Company, subject to remaining within certain pre-set parameters. As previously indicated, the Programme is subject to staged regulatory approval and the Board will continue to keep the programme under review to make sure it remains the most efficient and effective means of returning capital to shareholders. Repurchases to date total £225 million of which £122 million were conducted on the London Stock Exchange and £103 million were conducted on the Johannesburg Stock Exchange. To date, 163.5 million Quilter shares have been acquired, and cancelled, at an average price of 137.7 pence per share.
Transamerica Life Singapore CEO Joins Quilter finews.asia - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finews.asia Daily Mail and Mail on Sunday newspapers.
His successor was chief executive of Transamerica Life Bermuda in the city state
Ian Kloss has stepped down as chief executive of Quilter International Singapore.
He recently left Quilter International and has relocated to the UK, the insurer confirmed on Tuesday.
High net worth strategy
His replacement has been named as Nicholas Kourteff, who joins the international life office from Transamerica Life Bermuda where he served as Singapore chief executive.
He has held a number of senior roles at some of the biggest names in the sector during his 25-year career. These include Credit Suisse, UBS, Axa Wealth Management Asia, Winterthur Life and Commonwealth Bank of Australia.